HLEZX Performance — Harding Loevner Institutional Emerging Markets Portfolio, Institutional Class Z
Data updated: 2026-09-28
HLEZX returned +16.82% year to date and +33.94% over one year to Jul 2026. Annualised returns are +14.30% over 3 years and +2.58% over 5 years. Against its Emerging Markets Equity category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $149, against $164 for the category, and to $134 over one year, against $134. Volatility over the past three years was 15.88% a year. In the 12 months to Jul 2026 the fund took in a net $201.8M, and assets reached $492.24M.
HLEZX Growth of $100
What $100 invested in Harding Loevner Institutional Emerging Markets Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | HLEZX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $134 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $149 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $114 | $143 |
| Since data start (Aug 2019 – Jul 2026) | $143 | $188 |
HLEZX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +16.82% |
| 1 year | +33.94% |
| 3 years (annualised) | +14.30% |
| 5 years (annualised) | +2.58% |
HLEZX Annual Returns
Calendar-year total returns of Harding Loevner Institutional Emerging Markets Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +16.82% |
| 2025 | +28.50% |
| 2024 | +2.81% |
| 2023 | +6.24% |
| 2022 | −27.61% |
| 2021 | −3.29% |
| 2020 | +14.02% |
| 2019 (Aug–Dec) | +9.03% |
HLEZX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +8.0% | +3.3% | −9.3% | +12.6% | +5.6% | −1.4% | −1.6% | — | — | — | — | — |
| 2025 | +1.8% | −0.6% | +0.4% | +0.9% | +4.1% | +4.1% | +0.9% | +4.9% | +5.4% | +2.6% | −0.9% | +1.9% |
| 2024 | −7.3% | +4.1% | +3.4% | −2.5% | 0.0% | +1.7% | +0.6% | +6.9% | +5.0% | −4.2% | −2.0% | −1.9% |
| 2023 | +9.6% | −6.7% | +1.1% | −0.8% | −1.7% | +4.9% | +3.9% | −5.9% | −3.1% | −4.8% | +7.8% | +3.3% |
| 2022 | −2.9% | −11.3% | −4.4% | −8.2% | +2.5% | −5.6% | +0.3% | −1.1% | −10.1% | −0.3% | +13.9% | −2.3% |
| 2021 | +1.0% | +1.1% | −0.3% | +1.5% | +3.3% | +0.2% | −5.5% | +1.7% | −4.0% | +1.3% | −6.2% | +3.1% |
| 2020 | −4.2% | −5.5% | −20.0% | +8.6% | +1.1% | +7.1% | +7.8% | +2.8% | −1.3% | +1.3% | +11.0% | +9.1% |
| 2019 | — | — | — | — | — | — | — | −4.1% | +1.3% | +4.1% | +0.3% | +7.5% |
HLEZX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 15.88%
- 3-year Sharpe ratio: 0.62 (vs 4.5% risk-free rate)
- Best month: +12.63% (Apr 2026)
- Worst month: −9.31% (Mar 2026)
HLEZX Fund Flows
Monthly money in and out of Harding Loevner Institutional Emerging Markets Portfolio, from SEC Form N-PORT.
- 12-month net flow: $201.8M
- 12-month gross sales (incl. reinvestments): $535.7M
- Sales ÷ redemptions: 1.60×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $31.8M | $21.1M | $10.7M |
| Jun 2026 | $2.3M | $52.7M | −$50.4M |
| May 2026 | $1.3M | $16.8M | −$15.5M |
| Apr 2026 | $1.1M | $13.5M | −$12.4M |
| Mar 2026 | $3.8M | $30.0M | −$26.2M |
| Feb 2026 | $8.3M | $23.2M | −$14.9M |
| Jan 2026 | $16.7M | $19.9M | −$3.2M |
| Dec 2025 | $467.2M | $79.7M | $387.5M |
| Nov 2025 | $539K | $22.5M | −$22.0M |
| Oct 2025 | $838K | $7.4M | −$6.5M |
| Sep 2025 | $1.2M | $8.3M | −$7.1M |
| Aug 2025 | $624K | $38.9M | −$38.3M |
HLEZX Assets Under Management
Net assets of Harding Loevner Institutional Emerging Markets Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $492.24M |
| 2026-04-30 | $532.97M |
| 2026-01-30 | $559.64M |
| 2025-10-31 | $254.20M |
| 2025-07-31 | $273.38M |
| 2025-04-30 | $390.90M |
| 2025-01-31 | $506.73M |
| 2024-10-31 | $653.49M |
| 2024-07-31 | $877.85M |
| 2024-04-30 | $1.14B |
| 2024-01-31 | $1.57B |
| 2023-10-31 | $1.86B |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.